China’s real estate crisis: Evergrande and these developers are already in trouble
3 years, 1 month ago

China’s real estate crisis: Evergrande and these developers are already in trouble

CNN  

CNN Business — China’s real estate crisis isn’t showing any sign of letting up. They could Earlier this month, the People’s Bank of China said that Evergrande had mismanaged its business, but risks to the financial system were “controllable.” And at financial forum in Beijing last week, Chinese Vice Premier Liu He stressed that risks were generally under control, despite what he called “individual problems” in the property market. Ratings agencies S&P and Moody’s slapped “default” credit ratings on Fantasia and said the non-payment of principal would likely also put the company in default on its remaining bonds. The company said it failed to meet the deadline due to “unexpected liquidity issues arising from the adverse impact of a number of factors including the macroeconomic environment, the real estate industry environment and the Covid-19pandemic faced by the group.” Modern Land is now working with its legal counsel Sidley Austin and expects to engage independent financial adviserssoon, the filing added. Modern Land’s stock has fallen nearly 50% this year, cutting its market value to 1.2 billion Hong Kong dollars.

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